Global Computer Numerical Controls (CNC) Market Report, published by Variant Market Research, forecast that the global market is expected to reach $87 billion by 2024 from $51 billion in 2016; growing at a CAGR of 6.9% from 2016 to 2024. By geography, North America and Europe are expected to grow at a CAGR of 7.6% and 7.1%, respectively, during the forecast period.

The global computer numerical controls market is majorly driven by increasing disposable income in emerging economies and high need for mass production. Rising number of small manufacturing units with need for automated machines and lack of labors also fuels the growth of the market. However, non-availability of skilled programmers and high maintenance cost of machines may hamper the growth of the CNC market. Furthermore, rising R&D on new applications and technological advancements would provide market opportunities in the forecast period.

The global CNC market has been bifurcated into type and applications. By type, the global computer numerical controls market is further segmented into milling machines, lathe machines, lasers, welding machines, grinding units, winding machines and others. In 2016, lathe machines accounted for the largest market share accounting for 19.2%, followed by welding machine holding 15.6%. Furthermore, by application, the market is segmented as industrial, automotive, defense & aerospace, power & energy and others. Automotive is expected to grow at a highest CAGR during 2016 - 2024, owing to the need for automotive parts in bulk quantity along with precision and accuracy.

Geographically, the computer numerical controls market is categorized into North America, Europe, Asia-Pacific and RoW. In 2016, Asia Pacific accounted for the largest market share of 35%, owing to the rising industrialization and rising standards of living especially in China and Japan. North America is expected to dominate the market growing at the fastest CAGR during the forecast period, owing to the increasing investments on automations and need for high resolution devices to reduce human errors.

The major market players have used various strategies to increase their market share and global presence. For instance, on September 2016, FANUC introduced advances in its series 0i-MODEL F CNC platform. New advances in the series 0i-F have brought it closer to the series 30i-B in terms of capabilities and features. The key players in the CNC market include Haas Automation, Siemens AG, Mitsubishi Electric Corp., Dr. Johannes Heidenhain GmbH, Bosch Rexroth AG, Fagor Automation, Fanuc Corporation, GSK CNC EQUIPMENT Co. Ltd., Soft Servo Systems and Sieb & Meyer AG, among others.